Carclo suspends its shares after failing to file 2019 accounts

?The Ossett-based firm? said ??it is work?ing? together with its auditors and advisers with the aim of ensuring that? ??its 2019 financial results are published as soon as possible.?

?In a Stock Exchange announcement, the firm said: "T?he ?c?ompany announces? ?that it has requested the suspension of the listing of the ?c?ompany’s ordinary shares with effect from? ?0730 this morning, pending the publication of the 2019 financial results.?"

The group said ?a further announcement as to the expected timing for the publication of the ?g?roup’s results for the? ?2019 financial year will be made ?"?as soon as practicable?"?.

On Tuesday Carclo said the publication of its annual results ha?d? been further delayed, but it now has financing in place until January 2021.

The firm said continuing discussions over a potential sale of its Wipac business, together with the potential implications of the poor performance of that business, mean additional preparation and audit work ?we?re needed.

?In July, Carclo announced it had reached a formal agreement with the pension trustee regarding the level of pension contributions to be paid by the group until January 2021.This enabled Carclo to reach outline agreement on an extension of its existing borrowing facilities for the same period.

On Tuesday, Carclo confirmed that formal banking documentation was subsequently entered and it now has financing in place until January 2021. The board said it believes the revised terms of the extended facilities include covenants and pricing which are appropriate to the firm's current circumstances.